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sábado, 26 de junio de 2010

Papers y Enlaces

 

Pedace, Roberto and Smith, Janet Kiholm, Loss Aversion and Managerial Decisions: Evidence from Major League Baseball (June 19, 2010). Claremont McKenna College Robert Day School of Economics and Finance Research Paper

Previous research indicates that management changes are important events for organizations, partly because they lead to reversals of poor prior decisions. However, an unanswered question is why replacing the manager seems to be necessary for reversing poor decisions. One explanation is that managers are averse to admitting mistakes (loss aversion). We test this hypothesis with a research design that mitigates many of the measurement problems associated with investment decisions in traditional corporate settings. Our sample consists of 15,881 player-year observations for MLB players. We study the annual decisions to retain or divest players and find that new managers, compared to continuing managers, are more likely to divest players and, especially low-performing players. The pattern of decisions suggests that the acquiring manager’s aversion to loss recognition creates a need for new managers to reverse the mistakes of their immediate predecessors. The findings suggest that loss aversion plays a significant role in managerial decisions and in managerial turnover
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Un chimpancé curioso (vía Kedrosky)

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Las comisiones y los costes ocultos

     A private-banking client with $10 million invested, for example, who earns annual returns of 7 percent a year and pays 2.3 percent in fees, will hand $3.4 million to his bankers over the course of a decade...


With fees of 0.9 percent, that client would pay $1.3 million. “If you can do it on your own, go ahead,” says Hinder, who takes 38 percent of the client’s first-year savings. In one case, Hinder negotiated on a client’s behalf and managed to reduce the fees on a 45 million Swiss franc ($40 million) portfolio to 0.8 percent annually from 2.1 percent by eliminating all but “plain vanilla” investments, he says. Hinder says clients need to understand that they won’t be able to invest in hedge and private-equity funds without paying higher fees…. MyPrivateBanking.com’s Binder advises investors to treat bankers as they would attorneys, paying them by the hour for research and investment proposals, with a commitment that they will rebate any kickbacks they receive from fund providers to ensure that there are no conflicts of interest.

 

El cerebro a los 45 según el New York Times: PEOR EN VELOCIDAD DE PROCESAMIENTO Y MEJOR EN RAZONAMIENTO INDUCTIVO Y RESOLUCIÓN DE PROBLEMAS (PONDERACIÓN DE LOS PROBLEMAS). el ejercicio es bueno también para el cerebro

            Obviously, there are issues with short-term memory. There are declines in processing speed and in neurotransmitters, the chemicals in our brain. But as it turns out, modern middle age is from 40 to 65. During this long time in the middle, if we’re relatively healthy our brains may have a few issues, but on balance they’re better than ever during that period.
Inductive reasoning and problem solving — the logical use of your brain and actually getting to solutions. We get the gist of an argument better. We’re better at sizing up a situation and reaching a creative solution. They found social expertise peaks in middle age. That’s basically sorting out the world: are you a good guy or a bad guy? Harvard has studied how people make financial judgments. It peaks, and we get the best at it in middle age…We used to think we lost 30 percent of our brain cells as we age. But that’s not true. We keep them… Exercise is the best studied thing you can do to your brain. It increases brain volume, produces new baby brain cells in grownup brains. Even when our muscles contract, it produces growth chemicals.

 

Por qué los bancos no prestan según Rajan y Diamond

One possibility is that they worry about borrowers’ credit risk, though this would have to be extremely high to justify the complete cessation of long-term lending. A second possibility is that banks worry about having enough resources to meet their own creditors’ demands if they lock up funds in long-term loans. But the many central bank lending facilities that have been opened around the world should assuage these concerns, especially for large and well-capitalized banks. On the other hand, perhaps banks’ reluctance to lend reflects a fear of being short of funds if investment opportunities get even better. Citicorp CEO Vikram Pandit said as much when he indicated that it was cheaper to buy loans on the market than to make them. And buying may get cheaper still! Consider, for example, the real possibility that a large indebted financial institution faces a run on its deposits, as Lehman did, and starts dumping loans onto the market. Not only will those loans’ price fall if only a few entities have the spare funds to buy them, but other distressed entities’ scramble to borrow also will make it hard for any institution without funds to obtain them. Anticipating the prospect of such future fire sales (of loans, financial assets, or institutions), it is understandable that even strong banks will restrict their lending to very short maturities, and their investments to extremely liquid securities.
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SHILLER Y OTROS PROPONEN UN PROSPECTO PARA LOS PRODUCTOS FINANCIEROS

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